No, you did good! He needs to learn how to handle this and you're right there guiding him.
I have the same situation with my six-year old son and Rocket League loot boxes. He wants to spend all his limited money on them, I think he's wasting it, especially since I see the disappointment when he doesn't get the things he want, but that's a learning experience. It's worse when he once in a while gets a cool skin, because in his eyes it makes it all worth it.
I see the money I give him as teaching opportunities. Kids will get in touch with these mechanics as they grow up, and now you have the chance to talk to him about it. Discuss it over and over, it's not a one-time thing, and you've made no permanent damage. Let him know you think it's not worth it, but I wouldn't put a permanent ban on it, as it may make it even more appealing. If he wants other (real-life) stuff later, remind him that he already spent his money on loot boxes and I think they will lose their appeal a bit.
I have the same situation with my six-year old son and Rocket League loot boxes. He wants to spend all his limited money on them, I think he's wasting it, especially since I see the disappointment when he doesn't get the things he want, but that's a learning experience. It's worse when he once in a while gets a cool skin, because in his eyes it makes it all worth it.
I see the money I give him as teaching opportunities. Kids will get in touch with these mechanics as they grow up, and now you have the chance to talk to him about it. Discuss it over and over, it's not a one-time thing, and you've made no permanent damage. Let him know you think it's not worth it, but I wouldn't put a permanent ban on it, as it may make it even more appealing. If he wants other (real-life) stuff later, remind him that he already spent his money on loot boxes and I think they will lose their appeal a bit.